The rail company - formerly Railtrack - now faces an unlimited and potentially record fine after its admission in court that its safety breaches led to the horrific crash in 1999.

But while the rail company admitted creating a risk, this fell short of accepting responsibility for the deaths and injuries in the crash.

Families and unions said it was 'a farce' that individual rail bosses were not being legally held to account for the tragedy.

Instead, taxpayers will ultimately foot the bill for Network Rail's fines and costs - likely to go into many millions of pounds - because of the huge Government that fund Britain's railways.

Network Rail replaced the previously-privatised Railtrack.

As well as the 31 deaths, more than 400 people were injured in October 1999 when a Thames train collided with a Great Western Express after shooting through a red light at Ladbroke Road junction near Paddington station.

Network Rail pleaded guilty under the 1974 Health and Safety at Work Act to failing to ensure the signal was clearly visible and admitted that part of the signal was obscured.

The infamous 'signal 109', which was a well-known blackspot, had featured in a safety report prepared by Railtrack months before the tragedy and had been the scene of six red-light running incidents over two years.

But Railtrack failed to warn Thames Trains driver Michael Hodder, 3. He was among those killed in the crash on October 5, 1999.

Survivors and relatives of those killed are furious at the massive delays and foot-dragging in getting justice over the crash.

They have been joined by rail unions in their anger that no individual rail bosses have been held to account - despite the seven-year delay that has put them 'through torture'.

Among the bosses in charge of Railtrack at the time of the Ladbroke Grove crash were former chief executive Gerald Corbett, now chairman of drinks giant Britvic. He would not comment yesterday.

But the main focus of police investigations was on Andrew McNaughton, then in charge of the Great Western zone and now Network Rail's chief engineer.

Railtrack's director of safety and standards at the time were Rod Muttram and operations director Chris Leah.

In April 2004 Thames Trains was fined £2 million after admitting safety failures relating to the Paddington rail crash.

But in December last year (2005) the Crown Prosecution Service (CPS) said there was 'insufficient evidence' to conviction any individuals with corporate manslaughter.

Instead, the latest health and safety prosecution followed multiple inquests and an inquiry into the crash chaired by Lord Cullen.

But campaigners - headed by Pam Warren whose masked and burned face came to symbolise the tragedy - say many of the recommendations in the report by Lord Cullen into the disaster have yet to be implemented.

Mrs Warren from Reading in Berkshire would not comment on proceedings, at the end of which judge Aidan Marron QC adjourned sentencing at Blackfriars Crown Court until December 18.

But other campaigners lambasted the lack of real justice and criticised yesterday's adjournment as yet another example of "prevarication" by Network Rail.

Solicitor Louise Christian, who acted for several bereaved families of Ladbroke Grove victims, said: "This is a pretend judgment that will be paid for by the taxpayer. It's a farce.

'My clients have told me they believe individuals have got away with murder.'

She said:'Seven years afterwards and, after years of denying responsibility including throughout the public inquiry, Railtrack has finally accepted some sort of blame.

'Yet the only penalty is a fine against a company heavily subsidised by the taxpayer.'

She added:'The sad thing is that Ladbroke Grove could happen tomorrow because the crucial recommendations of Lord Cullen on train protection systems were not implemented by the Government.'

Robin Kellow's daughter, Elaine, a 24-year-old IT worker, from Paddington, central London, was also among the fatalities. Mr Kellow, who wore a t-shirt proclaiming 'murders' at the official inquiry, said: 'Railtrack killed my daughter. Everybody knows they did.'

Linda Di Lieto, whose son Sam, a 24-year-old Cellnet manager, from Bloomsbury, central London, was killed on the Thames train said: 'It seems it is just a game to them.

'How many times can they keep delaying? This has been going on for seven years. But we are going to stick this out, we are not going to vanish."

Maureen Groves whose chartered accountant daughter, Juliet, 25, who lived in Chiswick, west London, was also on the train said: "They have wasted so much money and they have put all the bereaved families through torture.

"They are playing for time, just trying to wear us down. The legal costs of all this must be staggering and could have gone on making the railway safer."

Network Rail's plea was decried as "totally inadequate" by train drivers' union Aslef, which has called for corporate manslaughter laws to be strenghthened.

General Secretary Keith Norman said: 'It is appalling that this company, regardless of the title on its note paper, can admit its guilt and its managers and decision-makers can stroll off without a care in the world. '

Network Rail would only say in a statement: "The Ladbroke Grove tragedy was a terrible event for everyone involved.

'Lessons have been learnt and the rail industry has changed enormously for the better over the past seven years.'